Feb 11 Philippine conglomerate San Miguel Corp has selected eight banks to help it sell 30 billion pesos ($633 million) worth of preferred shares, a preliminary prospectus released on Thursday showed.
The company has mandated BDO Capital & Investment, China Bank Capital, ING Bank, PNB Capital and Investment, RCBC Capital, SB Capital Investment, Standard Chartered Bank, and United Coconut Planters Bank as lead underwriters and bookrunners.
San Miguel is looking to sell 280 million Series 2 preferred shares with an over-subscription option of up to 120 million shares at 75 pesos each. The timing and dividend rate of the offer have yet to be finalised.
It said proceeds will be principally used to refinance existing U.S. dollar-denominated obligations and for general corporate purposes.
The initial offer is part of an 80 billion peso fundraising plan involving preferred shares to be issued within a three-year period.
San Miguel, which has added power, mining, telecommunications, oil refining and infrastructure to its stable of food, beverage and beer businesses, remains on lookout for potential acquisitions, president Ramon Ang has said.
($1 = 47.4000 Philippine pesos)